Instalments and loans
A loan advertised at "2.89% monthly" does not cost 34.68% a year - it costs more. The app computes both figures and shows the gap.
Instalment purchases
When you enter an instalment purchase, the app keeps the remaining instalments, which month each one falls in, and the total surcharge. The “instalments due this month” figure on the home screen sums instalments across every card.
“Interest-free instalments” usually are interest-free - but if the cash price is lower, the difference is a hidden cost. The app lets you enter the cash price too and reports the surcharge separately.
Loan amortisation
Enter the principal, interest rate and term, and the app produces the monthly payment and the payment plan. The table separates how much of each instalment is principal and how much is interest. Early in a loan most of the payment is interest, which matters when you are deciding whether to pay it off early.
BSMV and KKDF
In Turkey two levies sit on top of the interest on consumer loans:
- BSMV - the banking and insurance transactions tax
- KKDF - the resource utilisation support fund
Neither is included in the rate a bank advertises, but both are included in the money you pay. The app accounts for them when computing the effective cost. This is precisely where a general budgeting app gives an approximate answer.
Both default to 15% and can be set per loan, because the rates are set by regulation and change. Housing loans are exempt, so comparing an advertised consumer loan rate directly against a housing loan rate is misleading.
Why the gap matters
Two banks can advertise almost identical rates while the total repayment differs by a large amount. The right basis for comparison is not the monthly rate but the total repayment, which the app keeps visible at all times.
Related: Credit card tracking · Budgets and reports